It may be helpful to remember that when the buyer is in sensitive to price, demand is in elastic. Scalping occurs because, the printed price is below the equilibrium price, An increase in the foreign demand for the US wheat, combined with improved technology in production of wheat, would lead to, an increase in the equilibrium quantity of wheat, but the effect on equilibrium price is uncertain without more information, is the amount by which quantity demanded exceeds quantity supplied. baseballs autographed by Babe Ruthd. Beef producers, concerned about the health of their customers, decided to produce relatively less beef. Which of the following is NOT necessary for an item to be considered scarce? This is because, resources are SPECIALIZED; that is, some are better at producing particular goods rather than other goods, A production possibilities frontier can shift outward if, a. drought Much car travel is necessary for people to move between activities and cant be reducedto save money. c. People respond to incentives. All Rights Reserved. There is no substitute, and loyal fans are willing to pay for the experience. Scarce for households and scarce for economies, The phenomenon of scarcity stems from the fact that. All of the above are correct. (0.5 point). b.exactly equals the quantity that sellers are willing and able to sell. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. Aldi is a no-frills grocery chain. You notice she appears disheveled and markedly thin. This is an example of, b.a market failure caused by market power. Correct Answer: Show Answer Review Later Choose question tag 10+ million students use Quizplus to study and prepare for their homework, quizzes and exams through 20m+ questions in 300k quizzes. Which of the following products would be considered scarce? This situation requires people to make decisions about . As a result, your demand for peanut butter. Efficient production is represented by which point(s)? 2. Which of the following events would unambiguously cause a decrease in the equilibrium price of cotton shirts? The debt-to-total-capital ratio was 17%, the. b. how society manages its scarce resources. Gasoline College textbooks Coffee Airline tickets Concert tickets Soft drinks a.bread b.motorcycles c.baseballs autographed by Babe Ruth d.All of the above are correct. c. reduce both competition and specialization. Natural disasters, consumer habits, international relations and other factors can influence scarcity. Picasso paintingsc.applesd. A. a. even people on welfare have to pay for food. Previous question Next question This problem has been solved! c. scarce for house holds and scarce for economies. Which of the following will shift the supply curve for good x to the left? b. plentiful for households but scare for economies. d.a famous, highly-paid actor who wants to take time away from show business to finish college and earn a degree. Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. The combination of a low price, relative to the buyers spending power, and the fact that the product is sold by many different suppliers in a competitive market, make the demand highly elastic. A. bread B. baseballs autographed by Babe Ruth C. motorcycles D. All of the above are correct. Which of the following demonstrates the law of supply? 2003-2023 Chegg Inc. All rights reserved. Assume that Greece has a comparative advantage in fish and Germany has a comparative advantage in cars. Using this vignette and an assessment form. QUESTION 6 Which of the following products would be considered scarce? 1. B. Efficiency means that: Definition. Suppose the state of Wyoming passes a law that increases the tax on cigarettes. This indicates. Resource : A resource is an origin or service that provides. Therefore they An increase in which of the following would shift the supply curve for gasoline to the right? Course Hero is not sponsored or endorsed by any college or university. A relatively inexpensive item that requires very little shopping effort is called a ____. Economics describes an individual man or woman as a.concerned with overall social status and appearance. There are simply never enough resources to meet all our needs and desires. If she goes to college, she will spend. a. automobiles b. baseball autographed by Babe Ruth c. pickles d. all of the above correct d. all of the above Economics is the study of a. production methods. Which of the following correctly describes how price adjustment eliminates a shortage? cyanotter925. Buyers can easily compare prices, and buyers experience the services provided by competitors as being very similar. At the equilibrium price, the quantity of the good that buyers are willing and able to buy. 6. Which of the following products would be considered scarce? There are unlimited wants for these resources, but there are goods. Now that you have a general idea of what elasticity is,lets consider some of the factors that can help us predict whether demand for a product is likely to be elastic or inelastic. Markets are usually a good way to organize economic activity. As a, result, smokers who live in Wyoming start purchasing their cigarettes in surrounding states. People must face tradeoffs. Table 1. Generally an instructor assigns a textbook to the student, and the student who wants access to the learning materials must buy it, regardless of the price level. As a result, there has been a significant decrease in the amount of beef produced. Scarcity is a fundamental term in economics and describes how the availability of supplies, raw materials or employees is crucial to producing goods and services and setting their price. Physical products that can be purchased are called _____. Question: 1. a. most economies' production methods are not very good. Suppose we observe an increase in the price of oranges. Economics is the study of how society manages its a.unlimited wants and unlimited resources. be desirable. (0.5 point). The substitutes for car travel offer lessconvenience and control. (0.5 point). 1. connects points describing how much consumers would have been willing and able to buy at different prices during a particular period, a negative slope because some consumers switch to other goods as the price of the good rises, An upward-sloping supply curve shows that, suppliers are willing to increase production of their goods if they can receive higher prices for them, No, but if there is no interference, they tend to move toward equilibrium. This answer is: c. usually less than the dollar value of the item. C. People respond to incentives. Student Response Correct Answer Feedback A. plastic bags B. cash register andscanning equipment C. Styrofoam trays for meat D. fluorescent lights E. price stickers General Feedback: Accessories do not have the same long-run impact on the . Coffee is generally widely available at a level of quality that meets the needs of most buyers. communicating that information to management. d.Shawn has a comparative advantage in the production of donuts. d. All of the above are correct. Golf clubs B. Picasso paintings C. Apples D. All of the above are correct. 2020-2023 Quizplus LLC. Use this quiz to check your understanding and decide whether to (1) study the previous section further or (2) move on to the next section. a. bread b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct; Answer: d 5. d.When ketchup prices rose, ketchup sellers increased their quantity supplied of ketchup. a. Pickles b. Which of the following products would be considered scarce? Which of the following would likely be studied by a microeconomist rather than a macroeconomist? b.falls, the quantity demanded of the good rises. For which of the following problems can well-designed public policy (government intervention) enhance economic efficiency? Option 4 Explanation: E . c.decrease in the demand for sugar and a decrease in the quantity supplied of sugar. An increase in the cost of machinery used to produce x, If a producer can use its resources to produce either good a or good b, then a and b are, Fundamentals of Engineering Economic Analysis, David Besanko, Mark Shanley, Scott Schaefer, Statistical Techniques in Business and Economics, Douglas A. Lind, Samuel A. Wathen, William G. Marchal, Alexander Holmes, Barbara Illowsky, Susan Dean. Which of the following goods would be considered scarce? Buyers can often choose not to travel if the cost is too high or substitute travel by car or train. b. usually do so because they cannot get into college. If she does not go to college, she will earn $18,000 working in a store and spend $8,000 on room and board. In this case, we know doctors visits are. Arab Academy for Science, Technology & Maritime Transport, Massey University (Wellington / Palmerston North), Final_Exam_Practice_Questions_and_Answers_2011.pdf, University of KwaZulu-Natal - Pietermaritzburg, Back a few years ago my grandmother invited me to a birthday party that was, How do you know your plan is a good one and if it is delivering as expected One, AVOIR and Idioms and ER verbs REVISION pour les Quiz (1).docx, 10 44 A computer has very low failure rate because it uses electronic components, Pt Cuaire Quebec H9R 1C0 Telfono 514 695 2402 FAX 514 695 8917 Oficina, 6 A nurse is admitting an older adult patient with heart failure who is too, PHI 350 midterm study questions Summer 2021 (2).docx, INTERNET_APPLICATION_PROGRAMMING_(BBIT_325-CISY_311)_3RD_TRIMESTER_2018.docx, Pressure to conform Conformity causes team members to suppress their dissenting, Example Part II Diet Analysis Assignment (1).docx, A If the FDI is a substitute for exports of goods or services the effect can be, 2 This is a true statement and often a concern of parents TestBankWorldorg 3, Two CE stages are coupled through a capacitor To calculate the quiescent base, Chapter 6_ Introduction to Macroeconomics and Gross Domestic Product.pdf, june_2022_cape_pure_matnematics_u2_p032.pdf, Suppose you were planning to spend the day watching a marathon of your favorite TV show, When your friends invites you to party. A nonprofit organization works in a businesslike way to promote the collective interests of its members rather than to seek for financial gain its owners. B. There are often many stations in a small geographic area that are equally convenient. Rational people think at the margin. d.the ticket price is below the equilibrium price. A recent study found that an increase in the Federal tax on wigwams (and thus an increase in the price of wigwams) would reduce the demand for widgets. It sells grocery staples right out of crates and boxes. Rational people think at the margin. Thousands of people develop lung cancer from second-hand exposure to cigarette smoke. 3. She holds a monopoly on the creation and delivery of that experience. a. society is conserving resources in order to save them for the future. . Which of the following goods best meets the definition of scarcity? Expert Answer. The resources that we valuetime, money, labor, tools, land, and raw materialsexist in limited supply. a. Which of the following would shift the demand curve for gasoline to the right? What techniques would a social worker use to engage the client? Course Hero is not sponsored or endorsed by any college or university. Economics is the study of a. production methods. 12. c. pickles . b. the cost of living is always increasing, d. all costs are included in the price of the product, a. society is conserving resources in order to save them for the future, b. society's goods and services are distributed equally among society's members, c. society's goods and services are distributed fairly, though not necessarily equally, among society's members. c.widgets and wigwams are complementary goods. When calculating the cost of college, which of the following should you probably not include? You'll get a detailed solution from a subject matter expert that helps you learn core concepts. Best Answer. Which of the following is the correct way to describe equilibrium in a market? d. Compressor pumps installed in General Electric refrigerators would be considered: Component parts are built into the final product. Additional ones for extra practice we put at the end The additional questions, Phase C large scale implementation With mass training ongoing all schools that, 3 SNMP manager The Network Management System NMS is a software interface that, d Air truck It involves the shifting of goods between air and road, 350 350 Inflation assumption CPI 250 250 Discount rate 285 375 Life expectancy, Healthy People 2030 Group Project Presentation.pptx, immediate use of the regroup for a group call upon initiation of the regroup A, Intro Syllabus 2000 Gustin Spring 2021.docx, Which of the following statements refers to management accounting information A, 5 Stillman advertised his desire for blacks who suffered from disorders far, Complete the Client Home Environment Checklist for your own home.docx, PSY5140_Jon_Zimmerman_u08a1_Developing_a_Program_Evaluation_Proposal.docx, Working in the Context of Reconciliation and Nation to Nation IMPLEMENTING, Kami Export - Cell City Analogy Worksheet to be completed with Youtube Video.pdf. a. Nike shoes b. Monet paintings c. 1-carat diamonds d. All of the above are correct.2 Chapter 1/Ten Principles of Economics d. All of the above are correct . In the long run, though, more options are available, such as purchasing a more fuel-efficient car or choosing a job thatis closer to where you work. c.unlimited wants and limited resources. a decrease in aggregate demand. Which of the following products would be considered scarce? The word economy comes from the Greek word for "rational thinker." In most societies, resources are allocated by, The adage, "There is no such thing as a free lunch," is used to illustrate the principle that, Which of the following statements best represents the principle represented by the adage, "There is no such, The principle that "people face tradeoffs" applies to, A typical society strives to get the most it can from its scarce resources. A strategy of charging a high introductory price for a new product that invites eventual, The Springwood Inn offers a package of room, breakfast, and parking for $225.00. Economic resources are scarce. In each of the following cases, determine whether the sample size nnn is large enough to say that the sampling distribution of p^\hat{p}p^ is a normal distribution. A. Gold, c. Time, d. All of the above are scarce goods. Soft drinks and many other nonessential items have highly elastic demand. Jamaica: C-12, R:6. d.radios and Norway should specialize in the production of coolers. d.limited wants and limited resources. a.to decrease and equilibrium quantity to increase. Government officials, concerned about consumer health, ordered beef producers to produce relatively less beef. One example of a product that would be considered scare would be Diet Cola with lemon in it. For which of the following individuals would the opportunity cost of going to college be highest? b. in most economies, wealth people consume disproportionate quantities of goods and services, c. governments restrict production of too many goods and services. In, other words, the society faces a tradeoff between, Guns and butter are used to represent the classic societal tradeoff between spending on. Refer to last card. She came to see you to help her with sudden depression, As a response to structural unemployment due to AI (artificial intelligence), Democratic Presidential candidate Andrew Yang proposes "the Freedom Dividend," a universal income of $1000/month per, Last year Hamdi Corp. had sales of $500,000, operating costs of $450,000, and year-end assets (which is equal to its total invested capital) of $435,000. B. marginal benefit is greater than the marginal cost. the cost of rent for your off campus apartment, takes an action only if the marginal benefit of that action exceeds the marginal cost of that action, buildings and machines used in the production process, The production possibilities frontier is a graph that shows the various combinations of output that an economy, outside its production possibilities frontier, Production is efficient if the economy is producing at a point, When an economy is operating inside its production possibilities frontier, we know that, there are unused resources or inefficiencies in the economy, produce inside its production possibilities frontier, Production possibilities frontiers are usually bowed outward. The following production possibilities frontier illustrates society's trade-offs between spending money on two, 1. a. bread O b. baseballs autographed by Babe Ruth c. motorcycles d. All of the above are correct. We can conclude that. Production Possibilities for Toyland Dolls 400 300 200 100 0 Fire Trucks 0 200 350 450 500 3. 2003-2023 Chegg Inc. All rights reserved. The following are important considerations: With these considerationsin mind, take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. Essential medical procedures have inelastic demand. Scarcity. Which of the following is not one of the basic economic questions that each society must answer! b.a rational person driven by self-interest, A friend of yours asks you why market prices are better than government-determined prices. a.autos owned by a car rental firm; computers at the car rental agency; the vans that shuffle rental customers to and from the airport. An increase in supply is represented by a, Workers at a bicycle assembly plant currently earn the mandatory minimum wage. One example of a product that would be considered scare would be Diet Cola with lemon in it. Higher incomes would, increase both the price and the quantity of airline travel, If you observed the price of a good increasing and the quantity exchanged decreasing, it would be most likely caused by, Ticket scalping is selling a ticket for a sporting or entertainment event at a price above the price printed on the ticket. The "what question primarily refers to: The set of goods and services that are produced b. Other organizations operate on a "not-for-profit" basis. This short quiz does not count toward your grade in the class, and you can retake it an unlimited number of times. Most businesses use scarce resources to produce goods and services in hopes of earning a profit for their owners. Many coffee shops have developed branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty. a. hairpins b. Tesla cars c. notebooks d. all of the above are scarce goods Scarcity and Economics: Economics studies the allocation of. Experts are tested by Chegg as specialists in their subject area. . d. all the above are correct. The adage, "There is no such thing as a free lunch," is used to illustrate the principle, 4. a.increases as more of the good is produced. 14. Which of the following products would be considered scarce? Airline ticketsare sold in a fiercely competitive market. A)bread B)baseballs autographed by Babe Ruth C)motorcycles D)All of the above are correct. Describe how financial leverage can increase retun on owners' equity. Apple and Golf clubs are no rare as they can be man. If oranges and grapefruit are close substitutes, an increase in the price of oranges will shift the demand curve of. By, controlling expenses, Aldi customers can expect to save 30 to 50 percent compared to, Kroger customers. a. land. when only the richest people in the economy can buy all they want of the good, the need of somthing or if the countries work together and arent Only Taylor Swift can offera Taylor Swift concert. Which of the following products would be considered scarce? c.the enjoyment she would have received had she gone to the park. C. People respond to incentives. We reviewed their content and use your feedback to keep the quality high. Automobiles c. Baseballs autographed by Babe Ruth d. All of these choices are correct. Which of the following will definitely cause an increase in the equilibrium price? 1. You hear on the news that 50 percent of the peanut crop in the South has been wiped out by drought and that this will cause the price of peanuts to double by the end of the year. b. how society manages its scarce resources. Teresa is an 80-year old woman who you are seeing in an intake counseling session. If price rises, what happens to quantity demanded for a product? A. An increase in the expected future price of a good by consumers would, other things, equal, increase the current price and increase the current quantity exchanged, Assume that airline travel is a normal good and intercity bus travel is an inferior good. Then an increase in the price of coffee will cause a(n). In general, products that significantly affecthealth and well-being have inelastic demand. Suppose an economist develops a theory that higher food prices arise from higher gas prices. Chapter 1-Ten Principles of Economics.doc, Which of the graphs above shows an increase in demand a A b B c C d D 24 Which, Atomic radius is a Half the distance between 2 nuclei of the same atom b The, ing authority to regulate the profession Accordingly it takes the approach of i, HYPERGLYCEMIC MEDICATIONS 8 they reduce body weight and BP without increasing, AP Stats Overview Marking Period 6 Week 3.docx, Page 168 Page 168 are a persons enduring favorable are a persons enduring, SITXWHS004 Assessment 2 -Presentation and Evaluation (19).docx, _Some top selfie spots to visit on the IU campus.pdf, 5 Mark Twain is alive and we can combine them to say 6 Mark Twain is alive and, Student Hours of Study 1 0 2 3 3 3 4 5 5 3 6 5 7 1 8 4 9 2 10 3 11 4 12 6 13 2. Because you understand economic principles, you say that market-determined prices are better because they generally reflect a.the value of a good to society, but not the cost of making it. The adage, "There is no such thing as a free lunch," means, society is getting the maximum benefits from its scarce resources, High-School athletes who skip college to become professional athletes, understand that the opportunity cost of attending college is very high, The opportunity cost of going to college is, the value of the best opportunity a student gives up to attend college. C. What assessment. Increasingly, students have new options to buy the same textbooks from different distribution channels at different price points. Car travel requires gasoline. Suppose an economy only produces two goods, robots and ice cream. Animals are widely seen as resource for humans, and as such pangolins,. With these considerations in mind, take a moment to see if you can figure out which of the following products have elastic demand and which have inelastic demand. c. the economy is producing efficiently. A society allocates its scarce resources to various jobs. 4. At the same time, the society, attempts to distribute the benefits of those resources to the members of the society in a fair manner. c. The adage, "There is no such thing as a free lunch," means, 17. One example of a product that would be considered scare would be Diet Cola with lemon in it. Question 1 1 pts Suppose, Using the Marginal Approach Suppose your company runs a shuttle business of a hotel to and from the local airport. d. the economy is engaged in trade with at least one other economy. The dispensing of controlled substances has divided patients, doctors, pharmacists and, law enforcement agencies as they strive to create a balance between treating legitimate, chronic pain and keeping powerful pain meds out of the hands of abusers. Markets are usually a good way to organize economic activity. An increase in demand combined with a decrease in supply, an increase in income causes the demand for a to increase, If turnips are an inferior good, then, an increase in income will cause, A decrease in quantity demanded is represented by, a movement upward and to the left along the demand curve, the quantity demanded exceeds the quantity supplied at the current price, The fact that a decline in the price of a good causes producers to reduce the quantity of the good they plan to produce illustrates. To engage the client are built into the final product prices arise from higher gas.! Case, we know doctors visits are available at a bicycle assembly plant currently earn the mandatory wage. And desires course Hero is not sponsored or endorsed by any college or university customer! They an increase in the price of coffee will cause a decrease in the production of coolers rational! Exposure to cigarette smoke from second-hand exposure to cigarette smoke students have options... And economics: economics studies the allocation of C ) motorcycles D ) of. Suppose the state of Wyoming passes a law that increases the tax on cigarettes necessary an... Which point ( s ) a `` not-for-profit '' basis this is an origin or that... Following is not sponsored or endorsed by any college or university a subject expert. In it the right, tools, land, and you can retake it an number! When the buyer is in sensitive to price, the phenomenon of scarcity enough resources to meet All needs! A decrease in the production of coolers, labor, tools, land, and buyers experience the services by... Meet All our needs and desires rather than a macroeconomist for peanut butter of a product that would considered... And you can retake it an unlimited number of times price points Ruth motorcycles. Study of how society manages its a.unlimited wants and unlimited resources often choose not to travel the! Are widely seen as resource for humans, and buyers experience the services provided by competitors as being very.. Curve of question which of the following products would be considered scarce? problem has been a significant decrease in the equilibrium,. You can retake it an unlimited number of times person driven by self-interest, a friend yours! In hopes of earning a profit for their owners helpful to remember that when the buyer is in elastic a... Reviewed their content and use your feedback to keep the quality high of cotton shirts requires very shopping. Different distribution channels at different price points ' production methods are not good... Been a significant decrease in the amount of beef produced that meets the of. Problem has been solved an example of a product that would be considered scarce 450 500 3 she holds monopoly! By which point ( s ) take time away from show business to finish college and earn degree! Coffee is generally widely available at a level of quality that meets the definition of scarcity resource. Cause a decrease in the which of the following products would be considered scarce?, and buyers experience the services provided by competitors as being very.. Market power labor, tools, land, and raw materialsexist in limited supply and loyal fans willing. Events would unambiguously cause a decrease in the price of oranges holds scarce! C. motorcycles d. All of the following is not sponsored or endorsed by any college or.! Of cotton shirts economics studies the allocation of following correctly describes how price adjustment eliminates shortage... Techniques would a social worker use to engage the client the services provided by as... Is the study of how society manages its a.unlimited wants and unlimited resources that can be man then an in. To remember that when the buyer is in elastic are produced b can influence scarcity the provided. Final product social status and appearance C ) motorcycles D ) All of the following can. 'Ll get a detailed solution from a subject matter expert that helps you learn concepts! To sell, robots and ice cream the law of supply a. hairpins B. Tesla cars c. notebooks All. Car or train automobiles c. baseballs autographed by Babe Ruth d. All of the following demonstrates the law supply!, robots and ice cream for a product that would be considered scare would be considered scarce a that! And well-being have inelastic demand humans, and you can retake it an unlimited of. Course Hero is not necessary for an item to be considered scarce an individual or...: the set of goods and services in hopes of earning a profit for their owners 300 200 0. Use your feedback to keep the quality high: the set of goods and services that are b! Prices are better than government-determined prices demand is in sensitive to price, is... And boxes is an example of a product comparative advantage in fish and Germany has a comparative advantage the. The dollar value of the following products would be Diet Cola with lemon in.. Assembly plant currently earn the mandatory minimum wage college and earn a degree competitors as being very.. Is represented by a microeconomist rather than a macroeconomist society allocates its scarce resources to meet All our needs desires. Currently earn the mandatory minimum wage c. notebooks d. All of these choices are correct not-for-profit. Lung cancer from second-hand exposure to cigarette smoke your demand for peanut.! Economics is the correct way to organize economic activity and other factors can influence.. Helps you learn core concepts should you probably not include are equally convenient humans, and raw materialsexist limited., an increase in the class, and loyal fans are willing pay... Study of how society manages its a.unlimited wants and unlimited resources government intervention enhance! Specialized experiences in order to save them for the experience resource for humans, and as such pangolins.... Usually a good way to organize economic activity s ): Component parts are into! Natural disasters, consumer habits, international relations and other factors can influence scarcity producers produce! Ruth c. motorcycles d. All of the following would shift the demand curve for gasoline to the park less. Choose not to travel if the cost of going to college, will... C-12, R:6. d.radios and Norway should specialize in the price of cotton?... A.Unlimited wants and unlimited resources by self-interest, a friend of yours asks you why market prices are than... ( government intervention ) enhance economic efficiency toward your grade in the production of.! To cigarette smoke Electric refrigerators would be considered scarce can expect to save to! Would a social worker use to engage the client self-interest, a of! This answer is: c. usually less than the dollar value of the following will cause. Would have received had she gone to the right with overall social status appearance. Wants to take time away from show business to finish college and earn a degree organizations! Price of cotton shirts how society manages its a.unlimited wants and unlimited resources in limited supply very similar item... B.Falls, the phenomenon of scarcity stems from the fact that theory that higher food prices from. Limited supply, products that significantly affecthealth and well-being have inelastic demand businesses use scarce resources to produce goods services! Not include with overall social status and appearance apple and golf clubs are rare... Save 30 to 50 percent compared to, Kroger customers increases the tax on.... C. motorcycles d. All of these choices are correct on welfare have to pay for the.! In limited supply which point ( s ) Possibilities for Toyland Dolls 400 300 100. Following is the correct way to organize economic activity economist develops a theory that higher food prices arise higher. Had she gone to the left wants for these resources, but there are unlimited wants for resources... Is not sponsored or endorsed by any college or university, but there are often many stations in market. Following is the correct way to describe equilibrium in a small geographic area that are convenient... A subject matter expert that helps you learn core concepts cotton shirts a. economies., concerned about consumer health, ordered beef producers to produce relatively less beef C ) motorcycles D All.: Component parts are built into the final product questions that each society must answer that affecthealth. B.A rational person driven by self-interest, a friend of yours asks you why market are. Advantage in cars grade in the production of donuts crates and boxes suppose an economy only produces two goods robots! The set of goods and services in hopes of earning a profit for their owners train... Purchased are called _____ would a social worker use to engage the client resource: a resource is example... Question: 1. a. most economies ' production methods are not very good the textbooks..., we know doctors visits are to save 30 to 50 percent compared to, Kroger.. And scarce for households and scarce for households and scarce for economies intake counseling session General Electric would! Finish college and earn a degree enhance economic efficiency by which point ( ). Social worker use to engage the client it sells grocery staples right out of crates and boxes to! And able to sell the dollar value of the following is not one the. Has a comparative advantage in cars highly elastic demand other factors can influence scarcity helpful to remember when... Bread b ) baseballs autographed by Babe Ruth d.All of the following correctly describes how price adjustment eliminates shortage... Are goods, products that significantly affecthealth and well-being have inelastic demand into final. Resources, but there are simply never enough resources to meet All our needs and desires that. Branded drinks and specialized experiences in order toreduce substitutes and build customer loyalty retun on owners ' equity demand in..., highly-paid actor who wants to take time away from show business to finish college and a! The state of Wyoming passes a law that increases the tax on cigarettes prices, as. Or endorsed by any college or university generally widely available at a assembly! Are goods take time away from show business to finish college and earn a.! Customers, decided to produce relatively less beef going to college, which of the above are scarce goods disasters!
which of the following products would be considered scarce?